Diversified Trust Co Raises Stock Position in Globus Medical, Inc. (NYSE:GMED)

Diversified Trust Co lifted its stake in Globus Medical, Inc. (NYSE:GMED) by 56.1% in the 1st quarter, HoldingsChannel reports. The firm owned 21,366 shares of the medical device company’s stock after buying an additional 7,675 shares during the quarter. Diversified Trust Co’s holdings in Globus Medical were worth $1,146,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Allworth Financial LP lifted its holdings in Globus Medical by 25.7% in the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after buying an additional 254 shares during the period. Mather Group LLC. purchased a new position in shares of Globus Medical in the 1st quarter valued at approximately $69,000. Quest Partners LLC bought a new stake in shares of Globus Medical during the fourth quarter valued at approximately $81,000. HighPoint Advisor Group LLC purchased a new stake in Globus Medical in the fourth quarter worth $201,000. Finally, First Hawaiian Bank bought a new position in Globus Medical in the first quarter worth $231,000. Institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Globus Medical stock opened at $67.92 on Tuesday. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $69.77. The business’s fifty day moving average is $62.32 and its 200 day moving average is $56.51. The stock has a market capitalization of $9.19 billion, a PE ratio of 106.13, a price-to-earnings-growth ratio of 1.91 and a beta of 1.15.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The firm had revenue of $606.67 million for the quarter, compared to the consensus estimate of $586.82 million. During the same quarter last year, the firm posted $0.53 EPS. The business’s quarterly revenue was up 119.3% compared to the same quarter last year. As a group, sell-side analysts expect that Globus Medical, Inc. will post 2.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on GMED shares. Barclays boosted their target price on shares of Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. BTIG Research lifted their target price on shares of Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Stifel Nicolaus raised their price objective on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $60.00 to $80.00 in a report on Monday, May 20th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $69.40.

Insiders Place Their Bets

In other news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Globus Medical news, Director David D. Davidar sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the completion of the sale, the director now directly owns 566,275 shares of the company’s stock, valued at $36,807,875. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

Globus Medical Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.